Successfully managing a medical practice, even during challenging times

Saturday, September 11, 2010

Thrive or just survive - we didn't learn about this in Med school

It's about more than just taking care of patients, isn't it? Our chosen profession. We devote many years after college to obtaining the requisite knowledge and skills so that our patients can be assured of our competency and that we will provide the very best care on their behalf. Yet we want the same things that most people want. Professional and personal satisfaction, security, a reasonable standard of living, and the ability to save a few dollars for retirement, our kids' education, outside interests, travel, philanthropy - whatever. No different from others persuing "the American Dream".

Most physicians provide care in a private practice setting, their own businesses. Entrapreneurs. Really just the vehicle for providing care to patients in need. Here are my office hours, I'm good at what I do. I have all of these credentials, the initials after my name mean something special. Look: academic honors in college and maybe in Med School too, years at a top-notch hospital training program or 2 for post-grad training. My partners are just like me. We're here 24/7/365.

And then the reality of running an office, signing contracts with insurers so we can get paid for our work, billing and collecting, meeting payroll, establishing a line of credit with the bank, getting on the medical staff of the local hospital(s), learning and following the local, state and federal rules and regs - the business side of what we do, hits home.

This blog will be devoted to the business of medical practice. Management. Navigating the challenging terrain, the uncertainties of our healthcare delivery system.